Fla. AG Sues Ball Bearing Makers Over Price-Fixing Scheme
Law360, Miami (May 27, 2014, 8:00 PM EDT) -- NSK Ltd., Koyo Corp. of USA, JTEKT Corp. and other manufacturers of ball bearings used in automobiles that have been ensnared in price-fixing investigations by various regulators were hit Tuesday with a suit from Florida's attorney general claiming the conspiracy cost Florida businesses millions.
In a suit filed in the Eastern District of Michigan, Florida Attorney General Pam Bondi said Japanese ball bearing makers NTN Corp., NSK, JTEKT and Koyo; Sweden's SKF AB; and Germany's Schaeffler AG worked together to suppress and eliminate competition and to keep prices high for ball bearings, which are an essential part for automobiles.
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